Do You Need Auto Insurance in Wisconsin?
Car accidents are costly. The damage to the other driver's vehicle, medical bills for everyone involved in the accident and lost wages add up quickly, and many people cannot afford to pay for their car accident out of pocket. To ensure drivers are protected for accidents where they were not at fault, Wisconsin requires drivers to carry a minimum amount of insurance.
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Wisconsin Financial Liability Law
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The purpose of the Financial Liability Law is to ensure every driver can afford the damage they may cause to other drivers in a car accident. As of 2010, every Wisconsin driver must have auto insurance, according to the State of Wisconsin Office of the Commissioner of Insurance. Wisconsin may allow drivers to use a surety bond, their own private funds or a certificate of self-insurance in some situations.
Minimum Insurance Requirements
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In Wisconsin, the minimum amount of insurance a driver can carry is $25,000 per person and $50,000 per accident in bodily injury as well as $10,000 per accident for property damage. Wisconsin law also requires drivers carry uninsured motorist coverage for $25,000 per person and $50,000 per accident.
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Bodily Injury Coverage
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Bodily injury coverage pays for any medical bills or lost wages the driver and passengers in the other vehicle may sustain when you are in a car accident. Your insurance company will provide up to $25,000 for each driver, with a limit of $50,000 total for the accident. Customers can increase their insurance coverage levels to raise this limit.
Property Damage
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Property damage insurance covers any damage you do to another vehicle in a car accident. It also covers damage you may cause to other property. For example, if you hit a fence or a telephone pole, your insurance would cover the cost of repairs. Property damage insurance does not cover the cost of repairs on your vehicle. Drivers must purchase additional insurance to protect their vehicles.
Uninsured Motorist Coverage
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Uninsured motorist coverage pays for your hospital bills and lost wages as well as any passengers you had at the time of the accident, up to the coverage limit. Wisconsin requires this coverage to ensure everyone involved in a car accident receives adequate medical care.
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References
- Photo Credit road accident image by Nicola Gavin from Fotolia.com
